‘Deadbeat’ hedge fund boss Jason Ader, who’s being sued by his own mom, has been living it up in Miami — while clients demand cash back
Jason Ader — CEO of Spring Owl Asset Management, an activist fund that in past years helped topple CEOs including Yahoo’s Marissa Mayer — admitted in a letter to investors that the firm’s main fund was facing “a challenging period” as it proceeds with “the liquidation of the fund’s assets.”
Ader singled out the firm’s “primary investments” in 26 Capital Acquisition Corp., a vehicle that tried and failed to buy the biggest casino in the Philippines for $2.6 billion; and GameCo, a firm denied a casino license by Nevada regulators.
That’s after the 56-year-old money man — who in the past had also been an occasional guest on CNBC — was sued in August by his 81-year-old mom after he defaulted on a $13 million mortgage he took out in 2016 against his late father’s townhouse on New York’s Upper East Side, state court filings show.
Despite the turmoil, the Spring Owl CEO has been seen over the past month partying at the swanky Faena Hotel on Miami Beach, according to two sources briefed on the situation.
A week later, the pair were shacked up at the Rosewood Baha Mar hotel in Nassau, Bahamas, social media posts show. Other trips taken over the past two years include breaks in Japan, Germany, the Hamptons and a ski vacation in Colorado.
In its last available public report from September 2021, the company claimed to manage some $80 million in assets and boasted only last year that it has raised more than $1 billion in capital since its founding in 2013.
That document was co-signed by Ader’s business partner Barry Konig, whose name does not appear on the latest missive. Konig declined to say whether he had left the company when contacted by The Post.
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